Pure Retirement is the first later-life only lender to join the association and has a portfolio of £5bn of loans under management, offering its range of flexible lifetime mortgages exclusively through intermediaries.
Scott Burman, head of distribution at Pure Retirement, will represent the lender at IMLA meetings.
As a full member of IMLA, Pure Retirement joins a cohort of lenders responsible for more than 90 per cent of the UK’s gross mortgage lending.
Kate Davies (pictured), executive director of IMLA, said: “We are very pleased to welcome Pure Retirement to the IMLA fold. While a number of our existing members operate in the later lending market, Pure Retirement is the first member to focus exclusively on this sector, and we look forward to learning from their perspective and working together to improve the ways in which the financial services industry serves older customers.”
Burman added: “We’re really proud to be joining IMLA, especially as we’re the first dedicated later life lender to do so.”
He added: “Joining IMLA highlights the way the lifetime mortgage space is being increasingly viewed as an effective and mainstream financial planning tool, and we look forward to representing the sector within the association going forward.”
Intermediary mortgage market grip tightens
In December, the trade body predicted the share of mortgage activity being conducted via mortgage brokers will rise to 89 per cent this year, increasing to 90 per cent of the mortgage market by 2025.
However, a contracted market could result in the value of lending arranged by mortgage brokers falling by six per cent in 2024 with a four per cent rebound in mortgage volume the following year.
IMLA is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel, and associate providers.